“ What distinguishes this process from earlier downturns, and what makes it so dangerous, is the historical and international economic situation in which it is taking place, Soros says. “Superimposed on the US housing bubble,” he writes, “is a much larger boom-bust sequence which has finally reached its inflection, or crossover, point.” The housing slump is following the normal historical pattern, he suggests,
“but, in addition, it has also set in motion a flight from the dollar and unwinding of the other excesses introduced into the financial system by recent innovations. That is how the housing bubble and super-bubble are connected.” ” - John Cassidy, He Foresaw the End of an Era , The New York Review of Books on “The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What It Means” by George Soros
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